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JAMB Economics 2003 Question 16

Question 16

Theory of Production

Short-run period in production is a period too short for a firm to be able to change its

  1. A.scale of operation
  2. B.total revenue
  3. C.variable inputs
  4. D.total outputs
Show the answer and explanation

Answer: A (scale of operation)

Explanation

In the short run some factors (such as plant and machinery) are fixed, so the firm cannot change its scale of operation.